Greece's central bank chief said on Monday that fiscal and structural measures within the EU/IMF support package for Greece will help to return the country's economy to growth and with sustainable public finances.
Chinese interest rate swaps fell on Monday after Beijing said it would allow more flexibility in its yuan currency, sparking hopes there will be less urgency to tighten monetary policy by raising interest rates.
The yuan CNY=CFXS soared to a five-year high on Monday as the Chinese central bank stepped aside and tolerated broad gains on the first trading day after its ditched the currency's two-year peg to the dollar.
The Australian Dollar has rallied more than one cent this morning after Friday night's close to trade over 0.8800 after the PBOC (People's Bank of China) announced on the weekend that it will make the RMB exchange rate more flexible in the future but will still maintain a trading band of +/-0.5%.
The Australian Dollar opens higher this morning and is exchanging at 0.8678. In the offshore session to dollar moved between 0.8580 and 0.8680 as risk appetite returned to the markets.
The euro held near a three-week high against the dollar on Friday, heading for its biggest weekly gain in more than a year as investors debated the single currency's outlook while awaiting results of European bank stress tests.
The euro held near a three-week high against the U.S. dollar on Friday, heading for its biggest weekly gain in more than a year as results of Spain's bond auctions eased worries about the European debt crisis.
The euro was pinned near three-week highs on Friday, on track for its second successive week of gains, while the dollar appeared vulnerable to further losses after falling below a key chart level.
The dollar slipped after a slew of disappointing U.S. economic data, which helped push U.S. Treasury yields to their lowest in a week.
The euro was pinned near three-week highs on Friday, on track for its second successive week of gains, while the dollar appeared vulnerable to further losses after falling below a key chart level.
Bank of Canada Governor Mark Carney cautioned investors again on Friday not to take another interest rate hike for granted, saying volatile global conditions mean no particular path for monetary policy is preordained.
Small and mid-cap Chinese companies are going offshore to meet their U.S. dollar needs, using guarantees from mainland banks despite the increased costs the deals incur.
With credit controls tightening in China, going offshore for dollar funding had become a lifeline for many of small- and mid-cap companies, according to bank sources, and as such they did not mind the costs incurred with the guarantee structures.
China told the rest of the world on Friday not to meddle with the way it manages the yuan, calling the exchange rate a sovereign matter for it alone to decide and all but ruling it out of bounds at next week's G20 summit.
The euro held at three-week highs on Friday, on track for its second successive week of gains, while the dollar appeared vulnerable to further losses after falling below a key chart level.
The euro held at three-week highs on Friday, on track for its second straight week of gains, while the dollar appeared vulnerable to further losses after falling below a key chart level.
The Australian dollar has rallied more than half a US cent overnight on the back of gains in equity markets in Europe and the US. The AUD rallied to a high of USD0.8684, driven by stronger equity markets and investor confidence.
The Australian Dollar spent the majority of local trade yesterday above the 0.8600 cents mark as risk appetite returned to the market with high yielders the main benefactor.
The following are comments by European Union leaders and other officials on Thursday in Brussels, where they were holding a summit to discuss economic governance.
EU PRESIDENT HERMAN VAN ROMPUY
We agreed that the so-called stress tests of the banks will be published at the latest in the second half of July.
The euro climbed on Thursday to a three-week high against the U.S. dollar after a strong Spanish government bond sale soothed worries about the country's finances and triggered a squeeze in short positions.
Brazil's economy will grow solidly in 2010, but a slowdown from the first quarter will allow the government to bring inflation back to target by year-end, Finance Minister Guido Mantega said on Thursday.
Yields on Brazilian interest rate futures contracts rose in early trading on Thursday, after the central bank said that the country's economic growth is putting a benign inflation outlook at risk.
The euro hit a three-week high versus the dollar on Thursday as worries about Spain's public finances were eased by a well covered bond auction, triggering stop-losses on stale short positions in the single currency.
David Cameron was all smiles when he began his first European Union summit as Britain's prime minister on Thursday but was quick to say he would defend national interests firmly.
I believe markets and investors in particular are uncertain and have doubts or questions about European banks and that has been a wave in the last 4-6 weeks.
The sooner European banks can on a coordinated basis ... publish results -- and I'm talking results of stress tests -- the better.
The euro slipped against the dollar on Thursday as worries about Spain's public finances and banking system hit sentiment, with results of a Spanish bond auction awaited.
Dollar borrowing rates inched up on Thursday, nearing highs seen earlier this month, and bellwether U.S. 2-year swap spreads widened as investors remained concerned about funding problems faced by some Spanish banks.
The Australian dollar appears to be finding some support around the USD0.8600 level as investor concerns over the European debt crisis ease a little.
The Australian Dollar spent the majority of local trade yesterday above the 0.8600 cents mark as risk appetite returned to the market with high yielders the main benefactor.
The euro was little changed against the dollar on Wednesday, as a recovery in U.S. stocks lifted risk appetite and offset fresh concerns about Spain's credit and banking system.
Bank of Canada Governor Mark Carney cautioned investors on Wednesday not to take another interest rate hike for granted, saying volatile global conditions meant no particular path for monetary policy was preordained.
If China does not act soon to raise the value of its currency, the U.S. Congress could pass legislation aimed at forcing Beijing to act, a top Democratic lawmaker said on Wednesday.
